JAKARTA -- Indonesian fintech platform Payfazz announced on Thursday that it invested $30 million in Xfers, a Singapore-based payments infrastructure company. As part of the deal, the two companies have formed a new entity called Fazz Financial Group (FFG).
Xfers founder and CEO Tianwei Liu told KrASIA the two startups have been working together since last year, supporting over 250,000 agents across Indonesia. In the future, Xfers will serve as the business-to-business arm of FFG, focusing on linking external merchants to the group's payment infrastructure and user network.
